While an MVL is the most tax-efficient choice for closing a cash-rich solvent company, sometimes it might not be the right fit for your situation.
That’s where company strike-off could offer an alternative. This process removes your limited company from the Companies House register, effectively closing it down.
It’s ideal for businesses that no longer have any liabilities, assets or trading activity and need a straightforward way to wrap things up.
Why consider a company strike-off?
If an MVL isn’t viable for your business, a strike-off can avoid the hassle of ongoing costs like annual filings and accounts, letting you focus on your next venture.
While a strike-off can be straightforward, there are a few points to consider:
- Any unpaid or undisclosed debts can still come back to haunt you, as creditors can take action even after the company is struck off.
- Assets left undistributed before the strike-off will become Crown property (bona vacantia), so it’s vital to handle these beforehand.
Don’t worry – we can guide you through the process to make sure everything is in order. For advice tailored to your circumstances, speak to our expert team today – we’re here to help.
